First certificate of origin within Asia-Pacific Trade Agreement presentedEconomy
Ulaanbaatar /MONTSAME/. In the framework of the the Asia-Pacific Trade Agreement, the first certificate of origin has been presented to rapeseed of ‘Sumbercommoditiz’ Co.Ltd for export to China. Through the certificate, they are able to receive a full discount on duty fees, whereas they were subject to 6 percent duty before.
Mongolia has joined the Asia-Pacific Trade Agreement, becoming the 7th official member country. By joining the agreement, it becomes possible for domestic manufacturers to export a total of 10,667 types of products to the other six member countries, with 5-100 percent discount in taxes.
The trade agreement was initially established between developing countries in the Asia-Pacific region (India, South Korea, Sri Lanka, Laos, and Bangladesh), with China joining the agreement in 2001. With Mongolia joining the agreement, it is expected that a more favorable environment will be created for investment as domestic entities will be connected to the global and regional supply network.